Macerich (NYSE:MAC) Price Target Lowered to $18.00 at Compass Point

Macerich (NYSE:MAC - Free Report) had its price objective cut by Compass Point from $20.00 to $18.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust's stock.

MAC has been the subject of several other research reports. Citigroup raised shares of Macerich from a sell rating to a neutral rating and boosted their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Truist Financial reissued a hold rating and issued a $16.00 target price on shares of Macerich in a research note on Monday, March 25th. Mizuho dropped their price target on Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a research report on Wednesday. StockNews.com lowered Macerich from a hold rating to a sell rating in a research report on Tuesday. Finally, Piper Sandler downgraded shares of Macerich from a neutral rating to an underweight rating and dropped their target price for the stock from $17.00 to $11.00 in a report on Wednesday. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $14.83.

Macerich Price Performance

Shares of NYSE MAC traded down $0.30 during trading on Wednesday, reaching $13.46. The company had a trading volume of 4,945,818 shares, compared to its average volume of 1,980,561. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95. The business's 50 day moving average price is $16.24 and its 200-day moving average price is $14.63. The stock has a market cap of $2.90 billion, a PE ratio of -10.72, a PEG ratio of 1.80 and a beta of 2.33.

Macerich (NYSE:MAC - Get Free Report) last released its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The business's revenue for the quarter was up 4.6% on a year-over-year basis. Analysts expect that Macerich will post 1.8 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 5.05%. The ex-dividend date of this dividend is Friday, May 17th. Macerich's payout ratio is -53.54%.

Insider Buying and Selling at Macerich

In related news, Director Edward C. Coppola sold 20,000 shares of the business's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total transaction of $340,200.00. Following the transaction, the director now directly owns 635,667 shares in the company, valued at $10,812,695.67. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, President Edward C. Coppola sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the transaction, the president now directly owns 655,667 shares of the company's stock, valued at approximately $11,277,472.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward C. Coppola sold 20,000 shares of the firm's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now directly owns 635,667 shares of the company's stock, valued at approximately $10,812,695.67. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock worth $2,940,030 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Macerich

Large investors have recently modified their holdings of the stock. Signaturefd LLC grew its holdings in Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 1,308 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Macerich in the third quarter valued at approximately $36,000. Anchor Investment Management LLC acquired a new stake in Macerich during the fourth quarter worth approximately $40,000. Quest Partners LLC bought a new position in Macerich during the 4th quarter worth $41,000. Finally, CWM LLC raised its holdings in Macerich by 51.0% in the 3rd quarter. CWM LLC now owns 5,409 shares of the real estate investment trust's stock valued at $59,000 after acquiring an additional 1,826 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.